Financial Daily from THE HINDU group of publications
Friday, Jun 18, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 18, 2004 |
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Money & Banking
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Forex RBI intervenes to check rupee slide Our Bureau
MUMBAI: The rupee closed nine paise weaker at a month's low of 45.49/51 against the dollar. The currency had ended on Wednesday at 45.4050/4. The market experienced steady dollar buying by oil companies, importers and a big engineering firm, which weakened the domestic currency to an intra day low of 45.55/56. At this level RBI supplied dollars in the market through state-run banks, which took the rupee to 45.44 levels. Dealers said some major corporates also sold greenbacks in the later half of the trading day. The rupee premiums on forwards ended higher as the six-month forward closed at 0.50 per cent (0.40 per cent) and the twelve-month closed at 0.45 per cent (0.42 per cent). The cut-off price for both the auction papers were lower than expectations, which led to bond prices falling by about 15 paise towards the end of the trading hours. The Rs 9,000-crore auction papers were over-subscribed. The cut-off price for the Rs 3,000 crore, 6.13 per cent 2028 paper was at Rs 98.03 and the cut-off yield was at 6.29 per cent. The cut-off price of the Rs 6,000 crore, 7.38 per cent 2015 paper came at Rs 114.80 and a cut off yield of 5.58 per cent. The 8.07 per cent 2017 paper opened at Rs 120.45 went up to Rs 120.60/65, but closed lower at Rs 120.45/50. The 10-year benchmark closed at yield of 5.38 per cent. In the seven-day repo, under LAF, the RBI received and accepted 33 bids worth Rs 7,395 crore at 4.5 per cent.
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